Pinnacle Financial Nashville, TN

 

This is Terry Turner he took $100M in bailout money

Terry you lost $52MM in the last 2 years, how are you going to pay back $100MM?

Terry made $1MM last year

Pinnacle Financial Nashville, TN was founded in 2000.  The company accepted $100MM in government bailout funding which it hasn’t returned.  Based on it’s financial performance, it is unclear how they will ever repay this tax payer bailout.

The company has $4.9B in assets, with loans of $3B and equity of $685MM.

The problem loan portfolio consists of $9MM in loans 30-90 days past due, with $81MM on non accrual and $59MM in OREO.

Net income was ($21MM) in FY10 and ($31MM) in FY09.  It might be tough to pay back the $100MM tax payer bailout with these kinds of losses.

Net income in Q1 2011 was $2MM, if one annualized this performance, they could have this paid back in 22 years.

Rest assured the executive compensation was not effected in FY10.

Terry Turner       made $1MM

Robert McCabe   was paid $1MM

Hugh Queener       earned $522K

Harold Carpenter  made $509M

Harvey White        made $385K

Wow, those are pretty good salaries for losing $50MM in the last two years.  What would they get paid if they actually made money?

If this place is the Pinnacle, what does the trough look like?

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